739,775 Albemarle Corporation $ALB Shares Purchased by Aberdeen Group plc

Key Points

• Aberdeen Group increased its Albemarle stake by 739,775 shares in the third quarter, a 5,344% rise, bringing its holding to 753,618 shares valued at about $79.7 million. Institutional investors collectively own 92.87% of the stock.
• Analyst views were mixed, with recent target-price cuts and upgrades; overall, 15 analysts rated the stock Buy and nine Hold, for a MarketBeat consensus of “Moderate Buy” and an average price target of $152.63.
• Albemarle reported quarterly EPS of $2.58, beating estimates of $2.53, while revenue rose 18.8% year over year to $1.55 billion. Shares opened at $93.62, well below their 200-day moving average of $145.56.

Aberdeen Group plc lifted its position in Albemarle Corporation (NYSE:ALB - Free Report) by 5,344.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 753,618 shares of the specialty chemicals company's stock after buying an additional 739,775 shares during the quarter. Aberdeen Group plc owned approximately 0.64% of Albemarle worth $79,718,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Primecap Management Co. CA bought a new stake in Albemarle during the 2nd quarter worth approximately $358,101,000. Deutsche Bank AG purchased a new stake in Albemarle in the 2nd quarter worth approximately $131,049,000. Bank of New York Mellon Corp purchased a new stake in Albemarle in the 2nd quarter worth approximately $103,268,000. Robeco Institutional Asset Management B.V. boosted its holdings in Albemarle by 2,981.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 733,793 shares of the specialty chemicals company's stock valued at $77,621,000 after purchasing an additional 709,977 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in Albemarle by 69.7% in the 3rd quarter. ProShare Advisors LLC now owns 1,436,117 shares of the specialty chemicals company's stock valued at $151,912,000 after purchasing an additional 589,787 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on ALB shares. Weiss Ratings upgraded shares of Albemarle from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, November 4th. Mizuho raised shares of Albemarle from a "neutral" rating to an "outperform" rating and set a $130.00 price target on the stock in a report on Wednesday, October 14th. Argus lowered their price objective on Albemarle from $230.00 to $135.00 and set a "buy" rating on the stock in a research report on Wednesday, October 7th. Barclays dropped their price objective on Albemarle from $109.00 to $95.00 and set an "equal weight" rating for the company in a research note on Friday, November 6th. Finally, Robert W. Baird reduced their target price on Albemarle from $157.00 to $123.00 in a research report on Wednesday, October 14th. Fifteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Albemarle has an average rating of "Moderate Buy" and an average price target of $152.63.

Albemarle Stock Down 1.3%

ALB stock opened at $93.62 on Friday. The company's 50 day moving average is $103.61 and its 200 day moving average is $145.56. The stock has a market cap of $11.05 billion, a price-to-earnings ratio of 22.61, a price-to-earnings-growth ratio of 0.59 and a beta of 1.34. The company has a current ratio of 2.34, a quick ratio of 1.57 and a debt-to-equity ratio of 0.21. Albemarle Corporation has a 1-year low of $89.77 and a 1-year high of $221.00.

Albemarle (NYSE:ALB - Get Free Report) last announced its earnings results on Wednesday, November 4th. The specialty chemicals company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.05. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. Albemarle had a net margin of 10.40% and a return on equity of 14.91%. Albemarle's revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.19) earnings per share. Sell-side analysts predict that Albemarle Corporation will post 10.64 EPS for the current fiscal year.

Albemarle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Friday, December 18th will be given a $0.41 dividend. The ex-dividend date is Friday, December 18th. This represents a $1.64 annualized dividend and a yield of 1.8%. Albemarle's payout ratio is 39.61%.

Albemarle Company Profile

Albemarle Corporation is a specialty chemicals company that produces lithium, bromine and refining catalysts. Its products serve industries including energy storage, transportation, electronics, petroleum refining and pharmaceuticals. The company supplies lithium compounds used in rechargeable batteries and other applications. It also makes bromine-based products for uses such as flame retardants and water treatment, along with catalysts used in refining petroleum. Albemarle traces its history to 1887 and is headquartered in Charlotte, North Carolina.

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